US winter wheat harvest is approaching target grades

Both on the Paris stock exchange and in the CBoT, wheat contracts continued to rise. The geopolitical conflict in Ukraine remains a transnational topic. Ukraine had attacked Russian ships in the past few days. Market observers suspect that this could lead to a reaction from Russia in the coming days, which could further intensify the conflict. The Russian authorities stopped export shipments in Novorossiysk after the attack. Concern about possible supply bottlenecks is increasing again. Meanwhile, US export business has lost momentum again. According to the USDA, bookings totaled 275,067 tons of wheat up to last Thursday, almost 57% below the level of the previous year. The winter wheat harvest in the US has almost reached its end. Around 85% of stocks have now been brought in, which is just below the average for the past five years. 41% of spring wheat stocks are in good to very good condition.

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